Online TDS Payment
TDS (Tax Deducted at Source) is a source of tax collection for the Government of India. When a company or a person makes a payment, TDS is deducted, if the payment exceeds threshold limits. Then, this deducted amount is deposited to the Income Tax Department. Usually, tax deductions are made within a range of 1 % – 10 %
Documents Required from Directors, Shareholders
- Pan Card Copy (Mandatory)
- ID Proof (Any one) – Driving License/ Voter ID/ Passport Copy/ Aadhaar Card
- Address Proof – Latest Bank Statement/ Latest Telephone or Mobile Bill/ Latest Electricity Bill.(MUST be less than 30 days old)
- Passport Size Photograph
Documents Required for Registered Office Address
- NOC – No Objection Certificate from the Owner of the Property
- Address Proof – Latest Telephone Bill or Mobile Bill/ Gas Bill/ Electricity Bill (MUST be less than 30 days old)
How To Pay TDS Payment Online
Online TDS return is a statement given to the IT department every quarter. Every deductor needs to deposit income tax and file for TDS return on time. Efinac assists and guides you on online TDS return in 3 easy steps:
Step 1
Step 2
Step 3
File your TDS Return Online - An Overview
Online TDS return is a statement given to the IT department every quarter. It is essential for every deductor to deposit income tax and file for TDS return on time.
Efinac assists and guides you on online TDS return in 3 easy steps:
- Information Collection
- Our agents will set up a seamless process for data collection
- Return Preparation
- Your return will be prepared as required
- Return Filing
TDS Return for individuals and businesses
An employer or company that has valid TAN - Tax Collection and Deduction Account Number can file for online TDS return. Any individual or business who makes a particular payment which is stated under the I-T Act needs to deduct tax at source. The deposit for the same has to be made within the stipulated time. The payment categories include:
- Salary
- Insurance commission
- Income from winning horse races
- Income by way of “Income on Securities”
- Income by way of winning the lottery, puzzles, and others
- Payment in respect of National Saving Scheme and many others
An assessee can submit an e-TDS return if the same was deducted from their income. As mentioned earlier, it is the obligation of the assessee to file within the due date or be liable to pay a penalty for delay. The categories of assessees eligible to electronically file TDS return every quarter are:
- Company
- Persons whose accounts are audited u/s44AB
- Persons holding an office under the Government
Benefits of TDS Return Filing Online
As per the IT Act of 1961 filing TDS return is mandatory as well as it fetches some benefits to person or company. A few advantages of submitting a return and knowing the refund status are:
- A steady inflow of income to the government.
- Facilitates a smooth collection of taxes used for welfare.
- No burden of paying tax lump sum as the payment is done every three months for the whole year
How do we help in Filing TDS Return?
It is mandatory for every deductor to submit TDS return to the Income Tax Department of India in quarterly statements. Every detail of the returns has to be accurate and precise. Keeping up with the quarterly payments can be cumbersome and if not done on time, you may attract huge penalty.
The rate of TDS is set by the IT department based on expense recognized by them. Hence the prescribed rate of deduction varies. Keeping the threshold limit in mind while making payments can be tedious.
Once you choose us, our affiliates prepare the account and file TDS refund on your behalf. From the very first stage of preparing the returns till the last phase of the refund, we act as your consultants. Efinac not only does all the paperwork for you, but also makes sure that every government interaction is smooth. Our process is truly transparent and always meets your expectations.
We take care of:
- Computing your TDS payments
- e-filing the TDS return
- Adherence to compliance with regulations
The Glossary
Balance Sheet
A financial statement that reports on all of a company’s assets, liabilities, and equity. As suggested by its name, a balance sheet abides by the equation .
Inventory
Inventory is the term used to classify the assets that a company has purchased to sell to its customers that remain unsold. As these items are sold to customers, the inventory account will lower.
Liability
All debts that a company has yet to pay are referred to as liabilities. Common liabilities include accounts payable, payroll, and loans.
Accounting Period
An accounting period is designated in all financial statements (income statement, balance sheet, and statement of cash flows). The period communicates the span of time that is reported in the statements.
Cash Flow
Cash flow is the term that describes the inflow and outflow of cash in a business. The net cash flow for a period of time is found by taking the beginning cash balance and subtracting the ending cash balance. A positive number indicates that more cash flowed into the business than out, where a negative number indicates the opposite.
Accounting
Recording and reporting of financial transactions, including the origination of the transaction, its recognition, processing, and summarization in the financial statements.
Budget
Financial plan that serves as an estimate of future cost, revenues or both.
Cash Flows
Net of cash receipts and cash disbursements relating to a particular activity during a specified accounting period.
Cost Accounting
Procedures used for rationally classifying, recording, and allocating current or predicted costs that relate to a certain product or production process.
Income Statement
Summary of the effect of revenues and expenses over a period of time.
Inventory
Tangible property held for sale, or materials used in a production process to make a product.
Valuation
Process of determining the worth of a company’s assets.
Working Capital
Excess of current assets over current liabilities.
Documents required to file TDS Return online
The following documents have to be submitted for filing the TDS returns.
- TAN details
- PAN details
- Last TDS filing details, if applicable
- The period for which TDS has to be filed
- Date of incorporation of the business
- No. of transactions for filing TDS returns
- Name of the entity - Proprietorship/ Partnership/ Company/ LLP
Recent Updates
Changes in TDS Rates And Due Date For Filing TDS Returns On Account of Covid 19
September 20, 2020
TDS rates have been reduced by 25% for all the assesses (except for salaried employees). The TDS interest rate on late payment has been reduced from 18% to 9%. The due date for filing TDS returns extended to 31’ st March 2021, for all four quarters.
20-Mar-2020: “Vivad Se Vishwas” Scheme Announced For Resolution Of Tax Disputes
The CBDT notified the rules and enabled the online filing system for the “Vivad Se Vishwas” scheme. Taxpayers looking to settle their IT disputes need to file the online declaration form available on the IT Dept. website by 31st March. The scheme is open till June 30, 2020.
16-Mar-2020: PAN-Aadhaar Linking Can Now Be Done At PAN Service Center
The IT Dept notified that taxpayers can link their PAN with Aadhaar Card offline also by visiting the PAN service centers of NSDL and UTITSL. All PAN-Aadhaar linking must be done by 31st March. All Permanent Account Numbers not linked to Aadhaar will be declared “inoperative" after the deadline.
12-Mar-2020: Pay Your Advance Tax By March 15 Or Face Penalty
Taxpayers yet to pay the 4th installment of the advance tax should do so by 15th March to avoid penal interest. Failure to pay the advance tax would attract interest @1% p.m. The IT Dept may also go ahead to attach the bank account to recover dues.
05-Mar-2020: Disabled Veterans Are Miffed At Huge Tax Deductions Despite A Stay By Supreme Court
Disabled veterans are stunned to receive a reduced pension amount for February 2020 after the Govt has decided to tax the disability pension of soldiers. The deduction is despite the Supreme Court order for a status quo until it hears the matter.
1-Mar-2020: PAN Card Holders May Be Fined Rs 10000
In a fresh notification, the IT Dept has said that taxpayers missing the deadline of 31st March for PAN-Aadhaar linking may be fined Rs 10000. Their PAN cards will also be inoperative after the deadline. This is following Section 272B of the Income Tax Act, 1961.
FAQ
It is the duty of the person who is making payment to someone for specified goods or services to deduct TDS and file TDS return. The specified payment includes salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. The person who deducts TDS is called deductor and the person whose tax is being deducted is called deductee. TDS is not required to be deducted by Individuals and HUF.
Yes. It is mandatory for deductors and employees to submit their PAN as well.
While paying TDS, e - payment is the compulsory process.
Following are the basic duties of any individual who is liable to deduct tax at source. • He shall obtain Tax Deduction Account Number and quote the same in all the documents pertaining to TDS. • He shall deduct the tax at source at the applicable rate. • He shall pay the tax deducted by him at the source to the credit of the Government (by the due date specified in this regard*). • He shall file the periodic TDS statements, i.e., TDS return (by the due date specified in this regard*). • He shall issue the TDS certificate to the payee in respect of tax deducted by him (by the due date specified in this regard*). *Refer tax calendar for the due dates.
TAN is an alphanumeric 10-digit number required by a person who is liable to deduct TDS and file TDS return. Thus such a person must make an application within a month of deducting TDS for allotment of Tax Deduction and Collection Number (TAN) in Form 49B. This number allotted is mandatory to mention in all TDS Certificates issued, returns, challans etc. If a person fails to apply for TAN he may be penalized up to Rs. 10,000/-.
PAN of the deductor has to be given by non-Government deductors. It is essential to quote PAN of all deductees.
- Login to e-Filing website with the user ID, password, date of birth/date of incorporation and captcha.
- Go to “My Account” and click on "Refund/Demand Status".
- Below details would be displayed.
Assessment Year, Status, and Reason (for refund failure, if any):
- Login to e-Filing website with the User ID, Password, Date of Birth / Date of Incorporation and Captcha
- Go to My Account and click on "Refund/Demand Status".
Below details would be displayed. Assessment Year. Status. Reason (for refund failure, if any)
To review means to look back over something for evaluation or memory.
